Business: Belgian Businessman Albert Frere To Sell His Stake In Burberry

Burberry Fall 2018 Ready To Wear.

BELGIUM –Businessman Albert Frere is selling his entire stake in British luxury house Burberry, the Belgian billionaire’s Groupe Bruxelles Lambert (GBL) said on Tuesday, after a period of management upheaval at the fashion house.

Proceeds from the sell would help GBL to pursue new investments and rebalance its portfolio, it said in the statement without elaborating.

Frere‘s stake is owned by GBL subsidiary GBL Energy, which also has investments in French drinks company Pernod Ricard and oil major Total.

GBL and GBL Energy said they would sell their Burberry stake of about 6.6 percent through a private placement, with Goldman Sachs acting as the bookrunner.

Burberry shares closed at almost 18.85 pence on Tuesday, up about 0.5 percent.

Last Month (April 2018), DM Fashion Book reported that Burberry has named Gavin Haig, formerly chief executive officer of Belstaff, to the newly-created post of chief commercial officer (see it here). In March 2018, we reported that  Riccardo Tisci was hired as Chief Creative Director of Burberry (see it here).

Burberry Fall 2018 Menswear.

Photos Credit:  Yannis Vlamos / Indigital.tv